9-4-808 - Capitalization. - Tennessee Statutes

9-4-808. Capitalization.

The trust company shall have such capital stock as required by the federal reserve system in order for the trust to obtain the services of the federal reserve system. The capital stock of the trust company shall be held by the members of the board of directors, and their successors in office, by virtue of their incumbency in such offices. The state treasurer and the commissioner of finance and administration, with the approval of the comptroller of the treasury, are hereby authorized to invest idle treasury funds and/or idle retirement system funds in the trust company to provide sufficient funds for capitalization requirements.

[Acts 1985, ch. 118, § 60.]